Bank of New York Mellon Corp Raises Stock Holdings in Kinetik Holdings Inc. (NASDAQ:KNTK)

Bank of New York Mellon Corp increased its position in Kinetik Holdings Inc. (NASDAQ:KNTK) by 12.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 488,011 shares of the company’s stock after purchasing an additional 54,081 shares during the period. Bank of New York Mellon Corp’s holdings in Kinetik were worth $27,675,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Versor Investments LP purchased a new stake in Kinetik in the third quarter worth $543,000. Barclays PLC lifted its holdings in Kinetik by 34.5% in the third quarter. Barclays PLC now owns 234,286 shares of the company’s stock valued at $10,603,000 after acquiring an additional 60,058 shares during the period. Principal Financial Group Inc. bought a new position in Kinetik in the third quarter valued at about $921,000. Allspring Global Investments Holdings LLC lifted its holdings in Kinetik by 14,124.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,940 shares of the company’s stock valued at $820,000 after acquiring an additional 13,842 shares during the period. Finally, Eos Management L.P. lifted its holdings in Kinetik by 84.9% in the third quarter. Eos Management L.P. now owns 27,000 shares of the company’s stock valued at $1,222,000 after acquiring an additional 12,400 shares during the period. 21.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Kinetik

In other Kinetik news, major shareholder Isq Global Fund Ii Gp Llc sold 3,952,431 shares of Kinetik stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $55.63, for a total transaction of $219,873,736.53. Following the completion of the sale, the insider now directly owns 1,044,520 shares of the company’s stock, valued at $58,106,647.60. The trade was a 79.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.71% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on KNTK. Scotiabank reduced their price target on Kinetik from $62.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Thursday. Wells Fargo & Company reduced their price target on Kinetik from $60.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, February 28th. Barclays reduced their price target on Kinetik from $61.00 to $57.00 and set an “equal weight” rating for the company in a research report on Thursday. JPMorgan Chase & Co. upped their price target on Kinetik from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 15th. Finally, The Goldman Sachs Group upped their price target on Kinetik from $46.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Kinetik currently has an average rating of “Moderate Buy” and a consensus target price of $58.25.

Kinetik Stock Performance

Shares of KNTK stock opened at $51.21 on Friday. Kinetik Holdings Inc. has a 52-week low of $35.19 and a 52-week high of $67.60. The firm has a market capitalization of $8.07 billion, a P/E ratio of 18.90, a P/E/G ratio of 1.52 and a beta of 2.85. The stock has a 50 day moving average price of $60.71 and a 200 day moving average price of $54.48.

Kinetik Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 12th. Shareholders of record on Monday, February 3rd were given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 6.09%. The ex-dividend date of this dividend was Monday, February 3rd. Kinetik’s dividend payout ratio (DPR) is presently 305.88%.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.